SJW Group - SJW STOCK NEWS

SJW Group (NYSE: SJW) will report its Q2 2022 financial results on July 27, 2022. A webcast presentation featuring CEO Eric Thornburg, CAO James P. Lynch, and CFO Andrew F. Walters will follow on July 28 at 7 a.m. PT. SJW Group serves approximately 1.5 million customers across several states, focusing on quality water service and community engagement. The company emphasizes its commitment to operational excellence and sustainability in providing essential services.

San Jose Water (SJW) announced the California Public Utilities Commission (CPUC) has approved its investment of approximately $100 million for a four-year deployment of Advanced Metering Infrastructure (AMI) or smart meters. This initiative aims to enhance customer service, reduce greenhouse gas emissions, and improve leak detection and water management. Once deployed, customers will receive near real-time water usage data, promoting efficient consumption and supporting environmental goals. The expected reduction in carbon footprint is 103 tons of CO2e annually.

The Maine Water Company announced the retirement of President Richard Knowlton, effective June 17, 2022, after a notable 29-year career. Mark Vannoy, currently vice president, will succeed him. Knowlton's leadership has significantly expanded the company's service area from 40,000 to 80,000 customers and overseen crucial infrastructure projects, including a $60 million Saco River Drinking Water Resource Center. This transition aims to ensure continued high-quality water service, benefiting the communities served.

SJW Group reported a net income of $3.7 million for Q1 2022, up from $2.6 million in 2021. Diluted EPS was $0.12, reflecting growth from $0.09 in the previous year. Operating revenue increased to $124.3 million, mainly due to $5.2 million in water rate hikes and new customer additions. Operating expenses rose to $107.7 million, influenced by higher water production costs and depreciation. The company anticipates decisions on California regulatory proceedings in Q3 2022 that could impact future revenues positively.

SJW Group (NYSE: SJW) will announce its first quarter 2022 financial results on April 27, 2022, after market close. A webcast presentation will follow on April 28, 2022, at 10 a.m. PT (1 p.m. ET), featuring CEO Eric Thornburg, CFO Andrew F. Walters, and CAO James P. Lynch. As a leading provider of water services to nearly 1.5 million people in the U.S., SJW Group is committed to sustainable operations and community engagement. Interested parties can view the webcast and presentation on their website, with an archive available until July 27, 2022.

SJW Group (NYSE: SJW) announced approval for a $60 million drinking water treatment facility in Maine, significantly benefiting the Biddeford-Saco division. This stipulation agreement, now endorsed by the Maine Public Utilities Commission, will enable an annual revenue increase of $6.3 million effective July 1, 2022. The project enhances service to over 16,000 customers while committing to environmental sustainability, including a protected land initiative and solar energy integration. The new facility, replacing an aged plant, is expected to operate this spring.

San Jose Water has received $9.7 million in customer relief funding from California, supported by the American Rescue Plan Act. This funding aims to assist customers who faced financial hardship during the COVID-19 pandemic and were unable to pay their water bills from March 4, 2020 to June 15, 2021. The funds were credited to customer accounts in early February 2022. San Jose Water also offers flexible payment plans for past due balances and a Water Rate Assistance Program for qualifying customers.

SJW Group reported a net income of $60.5 million for 2021, down from $61.5 million in 2020. Diluted earnings per share were $2.03, below the previous year's $2.14. Operating revenue rose to $573.7 million from $564.5 million, aided by water rate increases and new customer revenue. Operating expenses increased to $462.5 million, driven by higher production costs. Notable is the dividend increase to $1.44 per share. The company continues to pursue regulatory approvals for rate increases and capital projects in several states, aiming for sustainable growth.